Which federal tax form must employers file quarterly to report income taxes withheld and FICA taxes?
Correct Answer
B) Form 941
Form 941 is the Employer's Quarterly Federal Tax Return used to report income taxes withheld and FICA taxes.
Why This Is the Correct Answer
Form 941 is the Employer's Quarterly Federal Tax Return that employers must file every quarter to report income taxes withheld from employees' paychecks and FICA taxes (Social Security and Medicare taxes). This form reports both the employee and employer portions of FICA taxes, along with federal income tax withholdings. It's due by the last day of the month following the end of each quarter and is essential for payroll tax compliance.
Why the Other Options Are Wrong
Option A: Form 940
Form 940 is the Employer's Annual Federal Unemployment (FUTA) Tax Return, filed annually rather than quarterly. It reports unemployment taxes paid by employers, not income taxes withheld or FICA taxes from employee paychecks.
Option C: Form W-2
Form W-2 is the Wage and Tax Statement provided to employees annually by January 31st, showing their total wages and tax withholdings for the year. It's an informational document for employees, not a quarterly filing to the IRS.
Option D: Form 1099
Form 1099 is used to report various types of income paid to non-employees, such as independent contractors or vendors. It's not used for reporting employee payroll taxes or withholdings, and is filed annually, not quarterly.
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